Cyber Insurance

Cyber Attacks and other cyber events are now some of the most common forms of losses faced by businesses.

Most businesses have insurance cover for fire. A cyber attack or event is akin to a digital fire and can have a similar impact to the operations of your business. Cyber attacks and data breaches are growing fast and increasing in severity.

The Australian Government estimates almost 700,000 businesses have experienced a cybercrime. 60% of these attacks were targeted at small to medium size businesses with the average cost of a cybercrime attack costing more than $275,000.

It doesn’t matter what the size of your business is. If you handle customer or transaction data, you run the risk that a data breach could lead to significant costs due to business interruption or others making claims against your business.

Cyber cover can protect you in 4 ways:

Losses to your business

Loss to others

Cyber event response costs

Contingent business interruption

Cyber insurance can cover you for the following events:

Privacy protection against third party claims for loss of employee/personal/corporate information

Lost damaged or destroyed IT systems, IT records and ITdata

Business interruption caused by a cyber event that affects profits

Liability arising from hacker attack or virus

Protection against libel, slander or defamation

Liability arising from hacker attack or virus

Infringement of copyright, trademarks & trade names

Breach of statutory duty from eCommerce Business

Costs of negotiating, mediating due to an extortion attempt

Fines and penalties incurred due to a privacy breach as well cover for your defence and investigation costs